Spruce Biosciences plummets as genetic disorder therapy fails mid-stage study

Spruce Biosciences

14/03/2024 11:16

** Shares of drug developer Spruce Biosciences  SPRB.O  fall
74.94% to $1.30 premarket - top pct. loser across U.S. exchanges
    ** Co late on Wednesday said its experimental therapy
tildacerfont did not meet main goal in a mid-stage study in
adult classic congenital adrenal hyperplasia (CAH)
    ** SPRB intends to implement cost saving initiatives,
including termination of the study and a workforce reduction of
about 21%
    ** CAH is a rare genetic condition that affects the body's
ability to create and regulate key hormones
    ** The readout comes as a major blow to tildacerfont's
prospects in CAH introducing timeline and competitive risks -
Brokerage RBC
    ** Up to last close, stock up 77.1% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))